- Michael Arrington, the creator of TechCrunch, claims that stablecoin platform Bridge has been purchased by payments startup Stripe for $1.1 billion.
- Bridge, the largest acquisition in the history of the cryptocurrency industry and Stripe’s largest acquisition to date, was originally valued at $200 million and had raised $58 million from investors.
- Bridge offers software that let businesses accept payments in stablecoins and announces an expansion of Stripe’s crypto acceptance initiatives.
According to a TechCrunch founder Michael Arrington’s post on X, fintech company Stripe has completed its largest purchase to date, acquiring stablecoin platform Bridge for $1.1 billion.
Bridge is a software platform that let businesses accept payments in stablecoins. Entrepreneurs Sean Yu and Zach Abrams, who have nothing to do with this reporter, created it. In 2013, the founders sold Evenly, a rival to Venmo, to Block; Abrams was also a senior Coinbase employee at the time.
According to Forbes, Bridge has already collected $58 million from investors, including a $40 million Series A investment that valued the business at $200 million. Therefore, the $1.1 billion price tag is a significant increase over the company’s previous valuation and the largest acquisition in Stripe’s corporate history.
Stripe was recently valued at $70 billion, restored cryptocurrency payments for US businesses earlier this month using USDC on Ethereum, Solana, and Polygon.
In June, Stripe and Coinbase signed a partnership whereby the firm integrated Coinbase’s Base Layer 2 network into its cryptocurrency payment products and Coinbase promised to integrate Stripe as a means for its clients to purchase cryptocurrency using Coinbase Wallet.
The $1.1 billion transaction is the biggest acquisition deal in the cryptocurrency business to date.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
